Huobi Global, one of the world’s leading digital asset exchanges, announced on February 15 that it burned 823,000 Huobi Tokens (HTs) in Jan 2021, valued at approximately US$7.57 million, as part of its monthly token burning exercise.
Token burning refers to the process of removing crypto tokens from circulation in perpetuity, a move usually targeted at reducing a token’s supply. Huobi Global burns 15% of its revenue’s worth in HTs every month and allocates another 5% of its total income to repurchase and burn a portion of HT used for team incentives.
The current circulation amount of HT stands at 166.07 million HT; the existing supply of HT stands at 209 million HT. The number of HT holders grew 2.95% in Jan 2022. According to data from a recent Exchange Review released by CryptoCompare, an independent global crypto market data provider, Huobi Global’s total spot trading volume reached $64.7 billion in January 2022.
Huobi Global Events
At the end of January, Huobi Global launched its Lunar New Year campaign, Prime Fest: Tiger Year, an event with a US$100 million prize pool aimed at encouraging users to explore future possibilities in the metaverse.l. Users who participated in the campaign obtained an opportunity to gain rewards including access to new metaverse token listings under Primelist, high-yielding asset management products under PrimeEarn, and special blind box draws under PrimeBox.
The prices for each of the tokens listed during the Primelist event surged on their first day of listing, with prices jumping as high as 1600%. In addition, tokens such as ATS, STORE, and WALLET continued to maintain momentum in the following days. The PrimeEarn Everyday event, part of the Prime Fest: Tiger Year campaign, concluded last week with the total amount staked in the first three days exceeding US$300 million. The event provided investors with high APYs for staking mainstream and metaverse-related tokens. The 30-day APYs for staking mainstream assets such as USDT, USDC, BTC, and ETH are as high as 12%, nearly twice the yields of competing products in the market.
In order to improve the liquidity of of its derivatives market and enable even users with limited capital to benefit from Huobi’s ecosystem, the platform also announced the launch of a trading fee rebate campaign for USDT-margined futures on January 30, becoming the first cryptocurrency exchange to incentivize all individual users who trade as a maker by offering them an additional 0.015% of their USDT-margined futures’ trading volumes. The platform also offers one of the lowest taker fees in the market: even normal users can receive 0.02% taker fees for trading USDT-margined futures.